HomeMy WebLinkAbout04-24-0915056051058
REV-1500 EX (06-05) OFFICIAL USE ONLY
PA Department of Revenue Coun Code Year File Number
Bureau of Indroidual Taxes ti
Po sox 2aosol 1NHERiTANCE TAX RETURN ~,,,~
Harrisburg, PA 17128-0601 RESIDENT DECEDENT 21 08 %°'~ ~b~~9
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death Date of Birth
Suffix Decedent's First Name MI
Ernest Matilda
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name MI
Spouse's Social Security Number
THIS RETURN MUST BE FILED fN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
*; 1. Original Return ....~ 2. Supplemental Return - ~ 3. Remainder Return (date of death
prior to 12-13-82)
~'""r 4. Limited Estate ~._., 4a. Future Interest Compromise (date of ,._~ 5. Federal Estate Tax Return Required
death after 12-12-82)
"'" 6. Decedent Died Testate „,"~ • 7. Decedent Maintained a Living Trust
~~ __0_.. 8. Total Number of Safe Deposit Boxes
(Attach Copy of Will) (Attach Copy of Trust)
-..,,. 9. Litigation Proceeds Received ~. 10. Spousal Poverty Credit (date of death ,.-_. 11. Election to tax under Sec. 9113(A)
between 12-31-91 and 1-1-95) (Attach Sch. O)
CORRESPONDENT - THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name Daytime Telephone Number
John D. Killian
Flrm Name (If AppGCable) REGISTER OF WILLS USE ONI~
c.~
r
"
_
,--
:i
~ : Q `-° ' --x- Ems.
First line of address ~ -'~
H-~
218 Pine Street ~~
~ '
,. r- -~
~'
Second line of address _
t
~- ~: 'fi '--~
_rt ~ ~ _ _
~ t
.
__
~
~
City or Post Office State ZIP Code DA~E~FtL~D _ ~ ~ ~.
_ _~ - -- r t=i
Harrisburg Pa 17108 '" ~ ~-~ ~ ~, ;,
Correspondent's a-mail address:
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief,
it is true, correct and complete. Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge.
SIGNAT F PE(2SON RES,P!O~IBL O FILING RETURN DAT j
- _ __
ADDRESS /
37 Cedar Circle, Newville, Pa 17241
SIGNATURE OF PREPARER OTHER THAN REPRESENTATIVE DATE
ADDRESS
218 Pine Street, Harrisburg, Pa 17108 _
PLEASE USE ORIGINAL FORM ONLY
15056051058
Side 1
15056051058
J 15056052059
REV-1500 EX
Decedent's Social Security Number
Decedent's Name: Matilda Ernest :127-07-2272
RECAPITULATION
1. Real estate (Schedule A) . .......................................... .. L
2. Stocks and Bonds (Schedule B) ... . ................................. .. 2. 2,103,784.00
3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) ... .. 3.
4.
9 9 ( ) ...........................
Mort a es & Notes Receivable Schedule D 4.
.. 605,250.00
5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) ...... .. 5. 343,443.00
6. Jointly Owned Property (Schedule F) _~: Separate Billing Requested ..... .. 6.
7.
Inter-Vivos Transfers & Miscellaneous Non-Probate Property _.._ _
(Schedule G) "'~ Separate Billing Requested..... ... 7.
8. Total Gross Assets (total Lines 1-7) ..........:...................... ... 8. 3,052,477.00
9. Funeral Expenses 8 Administrative Costs (Schedule H) .................. ... 9. 31,809.00
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule f) ............. ... 10. 426,818.00
11. Total Deductions (total Lines 9 & 10) ................................ ... 11. 458,627.00
12. Net Value of Estate (Line 8 minus Line 11) ........................... ... 12. 2,593,850.00
13. Charitable and Governmental Bequests/Sec 9113 Trusts for which
an election to tax has not been made (Schedule J) ..................... ... 13. 300.00
14. Net Value Subject to Tax (Line 12 minus tine 13) ..................... ... 14. 2,593,550.00
TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate, or
transfers under Sec. 9116
(a)(1.2) x .0 45 2,593,355.00 15. 116,701.00
16. Amount of Line 14 taxable
at lineal rate X .0 _ 16.
17. Amount of Line 14 taxable
at sibling rate X .12 17
18. Amount of Line 14 taxable
at collateral rate X .15 18.
19. TAX DUE .........................................................19.
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
15056052059 Side 2
~~
15056052059
REV-1500 EX Page 3 FII~Nympe~ ~_.___
~,
Decedent's Complete Address: ~ 21 ~08~'~1049
DECEDENTS NAME DECEDENTS SOCIAL SECURITY NUMBER
Matilda Ernest _ _ _ _ 127-07-2272 _
STREET ADDRESS
37 Cedar Circle
CITY 'STATE ZIP
Newvilte Pa 17241
Tax Payments and Credits:
1. Tax Due (Page 2 Line 19) (1) 116,701.00
2. Credits/Payments
A. Spousal Poverty Credit - _
B. Prior Payments _ __120,000.00
C. Discount 5,835.00
-- ------ - _ -- Total Credits (A+ B + C) (2) 125,835.00
3. InteresUPenalty if applicable
D. Interest _ _______
E. Penalty
- -- - - Total InteresUPenalty (D + E) (3) 0.00
4. If Line 2 is greater than line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
Fill in oval on Page 2, Line 20 to request a refund. (4) 9,134.00
5. 1f Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5)
A. Enter the interest on the tax due. (5A)
B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (56)
Make Check Payable to: REGISTER OF WILLS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred :.................................................................................... ...... ^ 0
b. retain the right to designate who shall use the property transferred or its income :...................................... ...... ^
c. retain a reversionary interest; or .................................................................................................................... ...... ^
d. receive the promise for life of either payments, benefits or care? ............................................................... ....... ^
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? ....................................................................................................... ....... ^
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? ....... ....... ^
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? ................................................................................................................. ....... ^
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse
is three (3) percent [72 P,S. §9116 (a) (1.1) (i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero (0) percent
[72 P.S. §9116 (a) (1.1) (ii)j. The statute des not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and
filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natura{ parent, an
adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. §9116(a)(1.2)].
The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half (4.5) percent, except as noted in
72 P.S. §9116(1.2) [72 P.S. §9116(a)(1)j.
The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve (12) percent [72 P.S. §9116(a)(1.3)]. Asibling is defined, under
Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption.
REV-1503 EX+ (6-98)
SCHEDVLE B
COMMONWEALTH OF PENNSYLVANIA STOCKS & BONDS
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Ernest, Matilda 21-08-1046
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
DESCRIPTION VALUE AT DATE
OF DEATH
~ ~ 876 sh. PPL Corporation common stock @ $37.735; CUSIP #693517106 33,056.00
2. Dividend on 876 sh. PPL Corporation, payable 10/01 293.00
3. 20,152 sh. Exxon Mobil Corp. common stock @ $86.1375; CUSIP #302316102 1,614,931.00
4. 10,000 Austin, Tx Community College @ $86.73; 4.375%; 08/01/33 8,673.00
5. Accrued interest 10,000 Austin, Tx Community College 61.00
6. 60,000 Philadelphia, PA @ $102.305; 5.00%; 03/15/28 61,383.00
7. Accrued Interest 60,000 Philadelphia, PA 49.00
8. 60,000 Pittsburgh, PA @ 103.81; 5.00%; 9/1/11 62,286.00
9. Accrued Interest 60,000 Pittsburgh, PA 164.00
10. 25,000 West Chester, PA Area School @ 108.62; 5.00%; 2/15/26 27,156.00
11. Accrued Interest 25,000 West Chester PA Area School 126.00
12. 5,000 Dauphin City, PA Gen Auth @ 103.935; 6.125%; 711/10 5,197.00
13. Accrued Interest 5,000 Dauphin City, PA Gen Auth. 69.00
14. 100,000 Montgomery City, PA Hosp Rev. @ 100.38; 4.875%; 6/1/18 100,381.00
15. Accrued Interest 100,000 Montgomery City, PA Hosp Rev. 1,492.00
16. 40,000 Port Auth NY/NJ @ 486.985; 4.625% 34,795.00
17. Accrued Interest 40,000 Port Auth NY/NJ 459.00
18. 30,000 Pa State Public SBA @ $107.92; 5.00%; 6/1/29 32.376.00
19. Accrued Interest 30,000 Pa State Public SBA 495.00
20. 20,000 Union City Higher Ed @ $100.07; 4.50%; 4/1/18 20,003.00
21. Accrued Interest 20,000 Union City Higher Ed 425.00
22. 100,000 LaSalle Funding @ $97.850; Step %; 10/15/09 97,850.00
23. Accrued Interest 100,000 LaSalle Funding 2,064.00
TOTAL (Also enter on line 2, Recapitulation) $ 2,103,784.00
(If more space is needed, insert additional sheets of the same size)
REV-1507 EX+ (6-98)
SCHEDt~LE D
COMMONWEALTH OF PENNSYLVANIA MORTGAGES & NOTES
INHERITANCE TAX RETURN RECEIVABLE
RESIDENT DECEDENT
ESTATE OF ~ FILE NUMBER
Emest, Matilda 21-08-1046
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
(If more space is needed, insert additional sheets of the same size)
REV-1508 EX+ (6-98)
SCHEDULE E
CASH/ BANK DEPOSITS Ec MISC.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN PERSONAL PROPERTY
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Ernest, Matilda 21-08-1046
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1. Refund: Green Ridge Village, Swaim Health Center 638.00
2. 2 Small gold rings, no stones, gold content 54.00
3. 2 Hearing Aids (purchased 08/11/08) 300.00
4. Cash on Hand 5.00
5. Farmers National Bank (Act. # 2187671) 4,293.00
1 West Big Spring Ave., Newville, Pa 17241
6. Merrill Lynch (Act. # 88861458) 61,691.00
One West Third Street, Williamsport, PA 17701
7. Accrued Interest Merrill Lynch (Act. # 88861458) 58.00
8. Merrill Lynch (Act. # 88860668) 5,570.00
One West Third Street, Williamsport, PA 17701
9. Accrued Interest Merrill Lynch (Act. # 88860668) 3.00
10. Certificate of Deposit 21, 097.00
Capital Fed Savings Bank (Act. # 14058AA65HX240)
Topeka, Kansas
11. Accrued Interest Capital Fed Savings Bank (Act. # 14058AA65HX240) 427.00
12. Certificate of Deposit 69,981.00
Capital One Bank (Act. # 1404096ESh97S6)
Glen Allen, VA
13. Accrued Interest Capital One Bank (Aet. # 1404096E8h97S6) 1,341.00
14. Certificate of Deposit 69,980.00
Coastal Bank (Act. # 190410CM3H1WM2)
Savannah, GA
15. Accrued Interest Coastal Bank (Act. # 19041QCM3H1WM2) 2,966.00
Total from additional sheet 105,039.00
TOTAL {Also enter on line 5, Recapitulation) ; 343,443.00
(It more space is needed, insert additional sheets of the same size)
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
16. Certificate of Deposit $ 19,839.00
R G Premiere Bank (Act. # 74955VSC6HXGL3)
Hato, PR
17. Accrued Interest R G Premiere Bank (Act. # 74955VSC6HXGL3) $ 325.00
18. Certificate of Deposit $ 84,324.00
Washington Mutual (Act. # 74955VSC6HLGR9)
Henderson, NV
19. Accrued Interest Washington Mutual (Act. # 74955VSC6HLGR9) $ 551.00
Sub-Total $105,039.00
EV-1511 EX+ (12-99)
SCNEDVLE N
COMMONWEALTH OF PENNSYLVANIA FUNERAL EXPENSES $c
INHERITANCE TAX RETURN ADMINISTRATIVE COSTS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Ernest, Matilda 21-08-1046
Debts of decedent must be reported on Schedule I.
ITEM
NUMBER DESCRIPTION AMOUNT
A. FUNERAL EXPENSES:
t' Egger Funeral Home 2,916.00
2. Vern Gauthier, Minister Officiating 100.00
3. Cheryl Kennedy, Organist 75.00
4. First United Presbyterian Church 100.00
5. Green Ridge Village- Catering Fee Memorial Service 140.00
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions 10,000.00
Name of Personal Representatives} William MOyef
Social Security Number(s)/EIN Number of Personal Representative(s)
street Address 37 Cedar Circle
Cary Newville .state PA zip 17241
Year(s) Commission Paid: 2009
2. Attorney Fees 10,000.00
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
City State Zip
Relationship of Claimant to Decedent
4. Probate Fees 1,434.00
5. Accountant's Fees
6. Tax Return Preparer's Fees 1,21 1.00
~. Farmers National Bank-bank wire fee 18.00
s. Carlisle Sentinel-legal notice 183.00
s. Merrill Lynch- account annual fee 125.00
10. Merrill Lynch-Act. 30018-Margin loan interest (09122/08-12!09/089) 5,507.00
TOTAL (Also enter on line 9, Recapitulation) S 31,809.00
(If more space is needed, insert additional sheets of the same size)
REV-1512 EX+ (12-08)
Pennsylvania SCHEDULE I
DEPARTMENT OF REVENUE DEBTS OF DECEDENT,
INHERITANCE TAX RETURN MORTGAGE LIABILITIES & LIENS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Ernest, Matilda 21-08-1049
Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1~ United States Treasury 4th Installment 2008 income tax 6,000.00
2. United States Treasury amount due with 2008 income tax return 39,521.00
3. Pa. Dept. of Revenue amount due with respect to 2008 tax return 506.00
4. William S. Moyer, final POA fee 456.00
5. Carlisle Regional Medical Center, final hospitalization 1,024.00
6. Blue Mt. Anesthesia Association 22.00
7. Kinetic Imaging 8.00
8. Darryl K. Guistwite, D0, Inc Doctor for Swaim Health Center 218.00
9. Margin Loan secure by the pledge of Exxon Mobil shares 377,978.00
10. Millennium Pharmacy, final bill 250.00
11. Appa{achian Orthopedic 16.00
12. Green Ridge Village, Swaim Health Center, Medicare Part A copay 819.00
TOTAL (Also enter on Line 10, Recapitulation) I $ 426,818.00
If more space is needed, insert additional sheets of the same size.
REV-1513 EX+ (11-OA)
~ Pennsylvania SCHEDULE )
DEPARTMENT OF REVENUE BENEFICIARIES
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
FILE NUMBER
Ernest, M atilda 21-08-1049
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE
2 TAXABLE DISTRIBUTIONS [Include outright spousal distributions and transfers under
Sec. 2116 (a) (1.2).J
1. Richard C. Ernest, 1365 Wild Rose Lande, Lake Forest, IL 60045 Son 1/3
2. Joan E. Turner, 3428 Saxon Drive, Florence, SC 29501 Daughter 1/3
3. Claudia Swain, 605 Camp Fuller Road, Wakefield, RI 02879 Daughter 1/3
ENTER DOLLAR AMOUNTS FCR DISTRIBUTIONS SHOWN ABGVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET, A S APPROPRIATE.
II NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 2113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN
1.
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
1. Hearing Aid to Lions Club 300.00
TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. $ 300.00
If more space is needed, insert additional sheets of the same size.
~~ ~ ~ V` ~Y 1111 ~LIl71Q11 ~~ ~ ~,1C7~11cfa1t71~
®~
~~1.~11L~~~1. ~o ~IC°]CI1.~i-~~
I, MATILDA K. ERNEST, of the Township of East Buffalo, County of
Union, Commonwealth of Pennsylvania, declare this to be my last Will, hereby
revoking all Wills previously made by me.
Section 1
1.1 ~~r~tent of Debts and Expenses. I direct that all my debts which «-ere
legally enforceable at the time of my death (including indebtedness secured by
any specific bequest), plus unpaid charitable pledges, whether or not enforceable
against my estate, and funeral expenses, including my gravemarker and all
expenses of my last illness, shall be paid from my residuary estate as soon as
possible after my death as a part of the expenses of the administration of my
estate. I direct that the cost of delivery to a beneficiary of any property passing
to that beneficiary by reason of my death shall be paid by my estate as an
administration expense. If my husband survives me, I absolve him from any
liability for any of those debts or expenses.
1.2 Payment of Death Taxes. In the event that any portion of my estate is
'~ subject to no inheritance or death taxes or is tared at a lesser rate than another
r portion, all death taxes shall first be paid and then the residue of my estate
~, LiZT~,'ESS:
i~
t -
~~ ~
~1 tit~a K. Ernzst
1~ ~ j, ~ (This will cnntinues~
determined and distributed in accordance with the terms of this Will. Under no
circumstances shall specific bequests bear the burden of any death taxes. I direct
that all other estate, inheritance, succession, transfer or other taxes, imposed or
payable by reason of my death with respect to all property comprising my gross
estate for death tax purposes, whether or not such property passes under this
Will, shall be paid out of the principal of my estate, as if such taxes were
administration expenses, without apportionment or right of reimbursement. I
authorize my Executor and Trustee to pay all such taxes at such time as may be
deemed advisable.
Section II
Z.1 Funding of Exemption Trust. In the event that my husband survives
me, I devise and bequeath the rest, residue and remainder of my estate, of
whatever nature and wherever situate, in the following manner:
2.1.1 To the Trustee of the Exemption Trust created by this `Vill, an
amount equal to the largest amount that can pass free of federal estate tax
by reason of the unified credit allowable at my death Less any amounts in
my gross estate payable from other sources to the Trustee of the
Exemption Trust by reason of my death.
2.1.1.1 This provision shall not be interpreted to deprive my
'~ personal representative of any election, which, in his best judgment,
{j will create the greatest likelihood to reduce death taxes ultimately
payable by reason of my and my spouse's deaths.
i
2.1.2 To my husband, any funds remaining after the application of the
preceding Sub-paragraph.
«7TtifrSS:
Matt ~!a K. Ernest
~ . - ~-~..6.r...~
~~
1y.:~ ~f, [This will continues)
Section III
3.1 Exemption Trust. That portion of my estate, which under the terms of
this Will is to be assigned to the Exemption Trust created by this Section, shall
be held, managed, invested, and reinvested on the following terms and
conditions:
3.1.1 Trustee shall collect the income.
3.1.2 Trustee may accumulate the income or may, in his sole and
absolute discretion, pay over, apply and distribute all or any part of the
income together with all or any part of the principal to my husband for
medical expenses and maintenance in his accustomed standard of living.
3.1.2.1 lily Trustee shall have the authority, in his discretion, to
make gifts out of this Trust to or for the benefit of any of my issue.
3.1.3 Except as provided below, Trustee shall have absolute and final
control over the accumulation or payment of income and principal and the
Trustee's determination in this regard shall be final and binding upon all
persons interested in this trust.
3.1.4 ~1y husband shall have the.non-cumulative power to withdraw
from the Exemption Trust the greater of X3,000 or 3% of its principal
valued as of the date of the exercise of the power.
3.1.4.1 This power may be exercised only once in each calendar
year and may be exercised only by a written demand delivered to my
Trustee on 3anuary 31 or July 31 (or the next business day following
them if they fall on anon-business day).
3.1.E L'pon the death of my husband, the Exemption Trust shall cease
and the Trustee shall pay over, apply, and distribute all the funds and
properties then constituting the principal and accumulated income of the
Trust to my issue in such amounts, such manner, and such interests, as my
husband may appoint by a last Will and Testament, made after my death
and containing a specific reference to this power.
~t"ITNESS:
`r
` ~(atilda K. Ernest
.ry,~~. ~ `, ~ (~Chis ~~'ill continues
:~:.,..... ,.~ . 3
3.2 In either of the following events, the Trustee shall distribute the
then-remaining funds and properties to my issue, in equal shares, ~ std:
3.2.1 My husband survives me but dies without leaving a valid last
Will and Testament;
3.2.2 My husband survives me but dies leaving a valid last Will and
Testament which fails to exercise effectively, in whole or in part, the
power of appointment under the preceding sub-paragraph.
Section IV
4.1 First Alternate Bequest of Residue. If my husband does not survive
me, then I give, devise, and bequeath the rest, residue, and remainder of my
estate, of whatever nature and wherever situate, to such of my issue as survive
me by one (1}month, in equal shares, der stirpes.
Section V
~.1 LTnderaae Beneficiaries' Trusts. If a person who has not yet reached
twenty-five (?~) years of age becomes entitled to a distribution under this Will,
then that distributive share shall be transferred by my Executor to my Trustee
upon the following Trust to be administered separately from any other Trust
created by this tiVill .
j x.1.1 To accumulate the net income and to expend and apply so much
of the net income, accumulated income and principal of this Trust as
Trustee may in his sole discretion deem advisable for the support and
education (including college education, both graduate and undergraduate
of said beneficiary or during illness or emergence. Trustee shall take into
consideration the beneficiary's other readily available assets and sources of
income.
'~ ~~ZNESS:
'I
1latitda K. Ernest
,~-
j
f~~ ~ 1Thi; «"ill continues)
5.1.2 When such beneficiary reaches age of twenty-five (25), one-half
(%) of the then-remaining principal and all accumulated income may be
paid upon the request of the beneficiary.
5.1.3 When such beneficiary reaches age of twenty-six (26), the
then-remaining principal and all accumulated income may be paid upon
the request of the beneficiary and, if such a request is made, said Trust
shall terminate.
5.1.4 This sub-paragraph shall apply where such a beneficiary dies,
survived by children, prior to attaining the age when the entire principal
and accumulated income is to be distributed to that beneficiary. In that
case, the remaining principal and accumulated income shall be held by my
Trustee in Trust, under the same terms and conditions, for all of that
beneficiary's children as are then living, until the youngest of those
children reaches the age of hventy-one (21) years. Or, if there remains no
such child less than twenty one (21) years of age, then the principal and
accumulated income shall be distributed in equal shares to such of my
children as are then living. Or, if there are no such surviving children,
distribution shall be to any issue of mine who are then living per stir~es.
Or, if there be no such issue, distribution shall be to the estate of the last of
said children to die, and said Trust shall then terminate.
~.1.~ This sub-paragraph shall apply where any beneficiary of the
Trust created by this SECTION dies v~~ithout surviving children prior to
attaining the age when the entire principal and accumulated income is to
be distributed to that beneficiary. In that case, the remaining principal and
accumulated income shall be paid to that beneficiary's brothers and sisters
in equal shares per stirpes subject to the terms of the Trust created in this
SECTION. Otherwise, distribution shall be to the deceased beneficiary's
estate, and said Trust shall then terminate.
Sectioft IJI
6.1 Executor. I appoint my husband, RliSSELL G. ERiti'EST of 61 James
~~~i Road, Lewisburg, Pennsylvania as Executor of this ~~,~ ill.
i
6.1.1 In the event of his death, incapacity, rznunciation, resignation.
discharge or removal as Executor, I appoint my son, RICH.-~RD C.
~~1TNESS:
~---
, -
--
I
rM1ly,« .1~',
i-~
~ ;~.
~1 ~ ~:~ ~ ~~~L~
~tatil~aa K. Em~st
(Citis '~~'ill cuntinuesJ
-5-
ERNEST of 1365 Wild Rose Lane, Lake Forest, Illinois as Executor in his
place.
6.1.2 In the event of his death, incapacity, renunciation, resignation,
dischazge or removal as Executor, I appoint WILLIAM S. MOVER of 10
Crab Tree Lane, Lewisburg, Pennsylvania as Executor in his place.
6.1.3 In the event of his death, incapacity, renunciation, resignation,
discharge or removal as Executor, I appoint Wilmington Trust Co. of
Philadelphia, Pennsylvania, as Executor in his place.
Section VII
7.1 stee. As Trustee of the Exemption Trust created under this Wi11, I
appoint RICI-L=1RD C. ERNEST of 136 Wild Rose Lane, Lake Forest, Illinois.
7.1.1 In the event that said Trustee is or becomes unwilling or
unable to serve, I appoint WILLIA.vI S. IvIOYER of 10 Crabtree Lane,
Lewisburg, Pennsylvania, in his place.
7.1.2 In the event that said Trustee is or becomes unwilling or
unable to serve, I appoint Wilmington Trust Co. of Philadelphia,
Pennsylvania, in his place.
7.2 Trustee. As Trustee of the Underage Beneficiaries' Trust created
under this Wili, I appoint Wilmington Trust- Co. of Philadelphia, Pennsylvania.
Section VIII
8.1 Fiduciary Powers. In addition to any authority otherwise given
them, I expressly grant unto my fiduciaries (that is, the Executor and Trustee
named in this Will) the following powers to be exercised with respect to any
aspect of my Estate over which they have legal authority (including property held
in Trust), without court approval, in their discretion, and effective until final
distribution of all assets:
~~ ~
~C~TVESS:
C~ - ,
1~~. ~ ~'
,.,.~......., ; r
Matilda K. Ernest
[This ~~'ill c~~ntinues~
-5-
8.1.1 To retain any portion of the estate, including specifically any
stock of my corporate Trustee and any successor corporation of which it
may become a part by reason of merger, consolidation, or purchase.
8.1.2 To invest in any property without restriction to investments
authorized for Pennsylvania fiduciaries and without any requirement to
diversify assets.
8.1.3 To purchase investments at premium.
8.1.4 To subscribe for or to exercise options for stocks, bonds, or
other investments; to join in any plan of lease, mortgage, merger,
consolidation, reorganization, foreclosure, or voting trust, and to deposit
securities thereunder; and generally to exercise all the rights of security
holders of any corporation.
8.1.5 To repair, improve, or lease for any period of time and to give
options for leases.
8.1.6 To sell, exchange, partition or give options on terms and
conditions as it may deem proper.
8.1.7 Such authority shall include the power to sell to the Trustee.
8.1.8 To borrow money from any person, including the Trustee
acting in its commercial capacity.
8.1.9 To mortgage or pledge.
8.1.10 To compromise claims.
8.1.11 To make distribution in kind and, in such event, to select and
allocate funds and property in such manner as in his sole judgment and
discretion shall best effect equality to beneficiaries (unless equality
expressly not be required).
8.1.1? To exercise all power, authority, and discretion given
by this ~~"ill until all funds subject to this ~~~ill have been fully
distributed.
~~~IT~ESS:
~-c..~.l~.Q...~s
i
Matilda 1y. Ernest
l Chis ~.~"ill continues}
;~~. r~
8.1.13 To execute and deliver deeds, releases, mortgages,
conveyances, or other instruments necessary or proper for the
accomplishment of any of the powers given to it.
8.1.14 My fiduciaries may, in their discretion, surrender one or
all of such policies to the issuing company for their cash surrender
value.
8.1.15 Iv1y fiduciaries shall, however, be under no obligation
with respect to the payment of these premiums.
8.1.16 To enter, in his discretion, into any contracts of
insurance or annuity on the life of any person who is a beneficiary
under a trust created by this Will.
8.1.16.1 All details of any such contract shall be within
the discretion of my fiduciaries.
8.1.16.? Premiums may be payable from income or
principal, in the discretion of my fiduciaries.
8.1.17 To take any action and to make any election to
minimize the tax liabilities of (1) any trust created under this Will and
(2) any of the beneficiaries of this Will.
8.1.17.1 This por~~'er shall include, but shall not be
limited to, the power to select assets to be sold or distributed to
the various beneficiaries in a manner that will minimize the
total income tax of the trust and the potential income taxes of
the various beneficiaries of this Will, without the requirement
that the income tax bases of such assets be considered.
8.1.18 do beneficiary of this Will shall have any right to
challenge the selection of assets chosen for distribution to a particular
beneficiary.
8.1.19 To retain and pay agents, employees, accountants, and
counsel (including, but not limited to, legal and investment counsel]
for advice and other professional services •.4thout, however, bein,
obligated to follow such advice.
'~ ~~ZT~IESS:
~~ ~~• i
~...aR 4 r
~iatil~la K. Ernzst
(This Will continues}
a
8.1.20 To exercise any election or privilege given by the
Federal and other tax laws including, but not limited to, the joinder
with my husband in filing income tax returns, the consent on gift tax
returns to have any gift made by my husband considered as made in
part by me for gift tax purposes, the payment of any portion of
income or gift tax due under such returns, the election of the alternate
valuation for Federal estate tax purposes and the election to claim
deductions for death tax or for income tax purposes; and to make or
not make equitable adjustment for the exercise or non exercise of any
such election or privilege.
8.1.21 To buy, sell and trade in securities.
8.1.21.1 Do all other acts necessary and prudent to
maximize the value of business to the beneficiaries of my
estate.
8.1.22 To request from the trustee of any trust such funds as
may be necessary for the payment of the expenses of the
administration of my estate and for the payment of death taxes.
Section IX
9.1 Waiver of Requirement of Security. I direct that no fiduciary
(Executor or Trustee} named in this `Vial shall be required to enter security
in any jurisdiction for the faithful performance of fiduciary duties.
9.2 Compensation of Corporate Fiduciary. :any corporate
fiduciary serving by virtue of this «'i11 shall be entitled to compensation
based on its reeular schedule of fees for such services in effect from time to
time during the period in ~~hich its sen~ices are performed.
f~ ~~,
':.:, ,~.M. , .~
~~
h ~ ` ~ ff~
`tatil~ia K. Ernest
["this will continues)
-9-
Section X
10.1 Spendthrift Clause. Any sums of money or other property,
whether principal or income, payable to the beneficiaries under this Will
shall:
10.1.1 Be paid over to them free and clear, discharged of their
debts, contracts, and engagements;
10.1.2 Not be subject to assignment or anticipation prior to
distribution:
10.1.3 Be immune from levy, attachment, execution,
sequestration, or alienation until actual payment be made by my
Executor or Trustee to the beneficiaries;
10.1.4 Be free from the debts and obligations of the bene-
ficiaries while in transit.
Section XI
11.1 Interpretation. For the purpose of this instrument, my issue
shall include RICHARi~ C. ERI~~S T, JO:~'~ E. TL`RNER, and CLAUDI.~
E. S`VAIN and their issue. One gender shall include any other gender; the
singular shall include the plural; and all powers granted and received shall
be joint and several, as the case may be.
11.2 Savings Clause. Rule against Perpetuities. If any provision of
this Will shall result in a violation of the Pennsylvania Rule against
Perpetuities (Probate, Estates, and Fiduciaries Code 610-1 et seq.} such
Provision is hereby revoked and the Will shall be read as if any portion
j~ ~~ZTNESS:
~~, .~~~5
~j
I~
~~
~yl ~ ~~~:~_ l~1,
~fat~ilda K. Ernest
i! [-['hip will continues
1~.
~~ :.~:~..., ! ~ - i a
~'
~~
~~
inconsistent with the Rule against Perpetuities is null and void, but only to
the extent necessary to avoid a violation of the Rule.
11.3 motions. The underscored captions appearing at the beginning
of each Section of this Will are for reference and convenience only and shall
be totally disregarded whenever an interpretation of this Will is required.
[Any text below this line shall be disregarded]
1,,~i
~'.ZTI~ESS.
~~
i
~-
_ ~ ~=-
~Iatil~ta K. Emzst
[Thu wilt conunucs~
_~~_
IN WITNESS WHEREOF, I have hereunto set my hand and seal to this
the only signed original of ~y last Will igeleven (11) pages, excl~ g this
signature page, this ~~-. day of .~ 19
~-- (SEAL)
MA DA K. ERNEST
i
Signed, Sealed, Published, and Declared by MATILDA K. ERNEST, the
above-named Testatrix, as and for her last Will, in the presence of us, who at her
request, in her presence, and in the presence of each other, all being present at the
same time, have subscribed our names to this Will as witnesses.
Witness
511 9UFFALO ROAD
LEb`~lSE'l'~G, PA 11837
Address of Witness
Witness
Time: 3'• ~ ~ I}y ,
F:,96'.G4"[LL EILVEST.tiIAT
R.D. s#8 BMX 267A
DANVfLLE, ?A 17821
Address of Witness
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF UNION
ss.
1, MATILDA K. ERNEST, whose name is signed to the foregoing Last Will and
Testament bearing my name, having been duly qualified according to law, do hereby
acknowledge that I signed and executed that instrument; that I signed it willingly; and that I
signed it as my free and voluntary act for the purposes therein expressed.
~F~~ ~I ' Cl~•, (SEAL)
MATILDA K. ERNEST
Sworn to and subscribed before me,
a Notary Public, this ~7G ~ day of
7,~-i~~~ , 199,13:
~~ ~ ~~~~C._ (SEAL.)
Notary Public
~fy Commission expires: rnw~~~
~aa~~w~'~~ nu°
CO~Lti10N"tiVEALTH OF PENNSYLVANIA
COUNTY OF U`iv`ION
ss .
W'e, the Witnesses whose names are signed to the foregoing instrument bearing the
name of 1~1.-~TILD.~ K. ER~iEST, being duly-qualified according to law, do depose and sav
that we were present and saw her sign and execute the instrument as her Last Vdill and
Testament; that she signed willingly and that she executed it as her free and voluntary act for
the purpose therein expressed; that each of us. in the hearing and sight of Lf,~.TILD.a K.
ERNEST, signed the ~`"ill as witnesses; and that to the best of our inowledge, ~L-~TILD:1 K.
E121~iEST was at that time 18 or more years of age, of sound mind, and under no constraint or
undue influence.
I; Witness
Witness
~ ~$~~•orn or affirmed to and subscribed before me by the abo~~e-named witnesses. this
~~ ~~i' day of ~.~Y.~tc'~~ , 199~.(n
•~
ti
~L~~i ,~ ~*~-kz~t~L (SE:ALI I
Notarr~ Public
qty Commission expires: ,
lyF~ ~' -~" } ~~t ~ ~~'t
~ ialn- s oounr ~~ ~~
'..- ~ 95' W'lLL ERNEST ~i.\ f lE~ nRES iu« 2 '~9` ~
...,...~.w. .~, I M'f rpMMtSSbM